THE CHARENTE GROUP BENEVOLENT FUND FINANCIAL STATEMENTS 31 DECEMBER 2022 Registered Charity No: 207151
THE CHARENTE GROUP BENEVOLENT FUND FINANCIAL STATEMENTS for the year ended 31 Deeember 2022 Contents Page Legal and administrative details Trnstees, annual report Statement of Trustees, responsibilities Independent examiner's report Stalemcnt of fanCIal activities Siatemcnt of financial position Notcs 9-15
THE CHARENTE GROUP BENEVOLENT FUND LEGAL AND ADMINISTRATIVE DETAILS TRUSTEES. ANNUAL REPORT Registered Charlty Number: 207151 Legal stAtus The Benevolent Fund was established by a trust decd dated 2 July 1951 Trustees". R A PilkingÉon DCDaly Sir T H M S Pilkington Chief Executive Officer: D J Hoare Address: 32 Judges Drive Live001 L6 7UB Independent Examiner: RSM UK Tax alld Accounting Limited Chartered Accountants 14, Floor 20 Chapcl Sircet Live001 L3 9AG Investment Advisors: Evelyn Royal Liv¢r Building Pier Head Liverpool L3 INY Bankers: Naliollal Wcstininster Bank plc 2- 8 Church Street Liverpool LI 3BG
THE CHARENTE GROUP BENEVOLENT FUND TRUSTEES, ANNUAL REPORT 31 DECEMBER 2022 The Trustees present thcir report and th¢ auditcd accounts for the year ended 31 D¢¢¢mb¢r 2022. Structurc, governance Ind management The Charity is an unincorporated charity, constituted under a trust deed amended 4 September 2019 and is a registered charity, number 207151. The principal place of business is 32 Judges Drive, Liverpool, L6 7UB. The charity was established as the Harrison Line Benevolent Fund to apply the income of the Fund to make payments to necessitous and deserving pcrsons who are, or have b¢cn, ill thc cmployment of The Charente Steam-ship Company Limite Thos & Jas Harrison Limited or of thc fornier firni of Thos & Jas Harrison, or to the dependants of such persons. On 2 O¢tober 2001 a Cknty Commission Scheme was sealed and approved and the objects of the charity have been cxtended io inelude making payments to those descrving pcrsons or dependants employed by or pr¢viously employcd by any company in tlic Charente Group or residing in Specific areas ifL whicli the Group had ol¢eS. The name of the Fund was also changed to The Charente Group Benevolent Fund on the same date. Trustees ar¢ appointed by th¢ members of the Charity at its knmual General Meeting. Vacancies occurring between such mcctings may be filled by a resolution of the Board of Trustees. A person appointed in this way. who wishes to continue as a Iruslcc, must offer himtherself for re-appointnent at the llext Annual General Meeling. The minitnum number of trustees is 3. AJI trustees are skilled to catry out their responsibilities however if any further Irdining is identified it will be provided. Objects of the charity The objects of Ihe charity are to make paymenls lo necessilous and deserving persons employed by or previously employed by any company in the Charente Group or residing in specific areas in which the Group had OlCeS. Rigk management The Trust¢C5 conlinue to assess th¢ major risks to which the fijnd may be exposed relative to strategic, operational, regularity and financial matters. Together with its inveslment advisors the Trnstees ensur¢ that tlic investment strategy has a heavy bias towards liquidity and a high operating cash surplus is maintained at all limes. Additional procedures have been establishe¢ as required. to address the risks faced by the Charity. Investments policy and performance The Trnstees have unrestricted invcslment powers. The portfolio És regularly review¢d by the Trustees in conjunction with independent investment advisors, Evelyn. It is th¢ policy of the Trustees to follow the recommendation of the investment advisors and lo maintain a balanced portfolio, having a regard to income and future anticipated cxpcnditure. The investJDclll performance is measured against relevant indexes published by the ARC Sierlillg Balanced Asset PCI Indcx. During the year lo 31 December 2022 the Fund's portfolio value on a total relum basis fell by l 0.9 % (2021: rose by 12.3D/u) whereas the ARC Balancd indcx fell by 9.1 ? % (2021.. rose by 7.6/0), and the ARC Growth index fell by l 0.20/0 (2021.. rose by 10.20/0). This was largely an impact from Ihe economic climale with inflation already gtarting to increase before the war in Ukraine further exaccrbated it. Trustees The Trustccs of the Fund during the year were as shown on page l.
THE CHARENTE GROUP BENEVOLENT FUND TRUSTEES, ANNUAL REPORT 31 DECEMBER 2022 (CONTINUED) Key management personnel remunerydtion The trnstee8 consider Ilie board of trustees and the Chief Executive Officer as comprising the key management personnel of the ¢harity in chargc of directing and controlling the charity and rnnning and operating the charity on a day Éo day basis. In addition the Chief Executive liaises with all of the beneficiaries and offers personal and practical support throughout the year. Ail trustees give of their time freely and no tnlstee remuneration was paid in thc year. The lotal remuneration of the single employee is revicwcd on a yearly basis by the trustees using their expcricnce as employers of people working within similar industries and 8imÉlar roles. Trnstees arc rcquired to disclose all relevant int¢rests and r¢gister them with the Chief Executive and in accordance with the Trust's tK)liey withdraw from dccisions wherc a conflict of interest arises. No relevant issues have been registered. Flnancial rcvicw Th¢ accounts are set out on pages 7 to 15. The net movement in funds for the year is a defjcit of £373,415 {2021: sUlUS of £180,171). This is due to.. a net realise(Vunrealised (loss)/gaill on investrnents of £{290,622) (2021.. gain £252,469) charitable payments exceeding incoming resources by £82,793 (2021: £72.798) Total Capital Investments at th¢ year end of £2,111,821 (202I.. £2,338,078) Endowment Fulld £842,851 {2021- £988,996) UnrestTicied Fund £1.369,535 {2021.. £1,596,805) Total Funds £2,212.386 {2021= £2,585,801) Achievements ind performanee The Trustccs arc satisfied that, whilst continuing to makc charitablc payments in cxccss of invrstEn¢nt incoinc. the underlying value of the fund remained strong and thc ¢uCnt valuc of th¢ funds are sufficient for the current level of eligible payments. Wliile there has bccn a gcncral dcclinc in equity valucs around thc world this portfolio has outperfomied the market averages. These are reviewed regularly by the Trustees aiid their investment advisors. During the year tELe Trustees made payments of £23,554 (2021-. £20,371) to eligible fonner employees and £10,737 (2021.. £9,519) to fonner employees, widows. The Trnstees reviewed the amount of individual payments and madc illcrcaKs where required. Tlie Truste¢s looked at new applications, advised accordingly and ensured that all eligiblc cmployees and their widows knew of the existence of the fund. Durillg the year the Trustees made don&tioDs of £3,300 {2021..£9,090) to Nautilus UK Welfare Fund 8 Charity that exists purely to provide support to retired and current seafarers and is based Bt Mariners Park il) the Wirral. Thc Trustees have nlet with the tuanagcmcnt of Mariners Park and are satisfied that the donation will go entirely lo lielping both ex-employees of the group (and their joint venture partThers) and other seafarers ITh the Live001 area. Trustee Training And Recruitment policy Training support and dcvclopment of trustees, particularly the induction of newly appointed trnstees, is undertaken wher¢ it is relevant ¢d could increase their effective contribution to the Fund's management. The Trnstees regularly review the proc£durcs for idcnlifying any ongoing Irdining needs.
THE CHARENTE GROUP BENEVOLENT FUND TRUSTEES, ANNUAL REPORT 31 DECEMBER 2022 (CONTINUED) As the main purpoK of the charity is to support the retired employees and their dependants of the Charente Group, the Trusl¢es are appointed with a bias towards actual knowledge olthc Gioup itself. its history and onc of whom who lives or works in the Liv¢TpooI area. Future plans The Trnstees proposc to inaintaill ¢harilablc pallent$ lo qualifying individuals in accordance with the ternis of the Trnst Deed and monitor likely payments against tUre reservas. The Tru5tccs havc d¢cid¢d aficr much consideralion that they will make payments that in somc years are in excess of the fiLnd's income. There is a declining age profile and number of retitEd Charente Group employees and their dependants and the Trustees are aware that this element of the payment structure will decline in the future, changing, and r¢du¢ing the long tem) Capital requirements of the charity. Reserves policy The Trustees. plan is to maintain an adequate level of unre8tricl¢d reserves to sustain charitable payments ov¢r a long period. having a Tegard to any uncertainty in the investment market. Given the age profile of the current and future rccipients of the fund the Trustees currently look al maintain reserves for al least 12.5 ycars. Given the current perfomiance this looks easily obtainable. Free reserves currcntly stand al £2.212,386, which represents an estimated fifieen years of future payments Publlc Benefit The TDJs(ees consid¢r all ils ¢haritable a¢tivities to be for the benetit of th¢ public in line with Charity Commission guidance on public benefit. Sign¢d on behalf of the Trustees Trustee 18 October 2023
THE CHARENTE GROUP BENEVOLENT FUND STATEMENT OF TRUSTEES, RESPONSIBILITIES 31 DECEMBER 2022 Trustees, responsibilities in relation to the financial statements The trustees are responsible for prq)aring the Trustees, Report aiid Ihc Fit]ancial statn¢¢S iii accordanrc witli applicable law and Unitd Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicc). The law applicable to charities in England and Wales requires the trustee8 to prepare fEnancial statements for each financial year which give a tne and fair view of thc statc of affairs of the clwity and of the incoming resour¢es and application of resour¢¢s of the charity for that period. In preparing these financial statements, the trustees 8re required to: select suitable accountillg polici¢s and then apply them consistenÉly- ' observ¢ the methods and prillcipl¢s in the Charities SORP" make judgements and estimatcs that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements and,. ' prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in opcrdtion. The trustees ar¢ responsible for kecping proper aecounting records tbat di105¢ With rcasonablc accuracy at any time the fmancial position of Ihe charity and enable them to ensure that the fjnancial statements comply with the Charities Act 2011, the Charity (Accounts and Rq)orts) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of thc charity and hence tor taking reasonable steps for Ihe prevention aDd detection of fraud and other igularitIeS.
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHARENTE GROUP BENEVOLENT FUND I report to the trustees on my examination of the fLllallcial Stat¢[UtS of Thc Charente Group Benevolent Fund ('the charity,) for the year ended 31 De¢¢mber 2022, which are set out on pages 7 10 15. Responsibilitics And basis of report As thc Irustccs of the Charity you are responsible for the preparation of tlie accounts in accordance with the requirements of the Charities Act 2011 ('Ih¢ 2011 Act')- I rert in respcct of my examination of the charity's accounts carried out under section 145 of the 201 l Act and in canying out my examination I have followed all th6 applicable Directions given by the Charity Commission under section 145 {5)(b) of the 201 l Act. An indq)cndcTht examination does not involve gathering all the evidencc tbat would be rcquired in an audit and consequently does not Cover all the matters that an auditor considers in giving their opinion on th¢ accounts. The planningF and conduct of an audit goes beyond thc li]nited assurancc tIMt an independellt examination can provide. Consequently, I express no opinion as to whether the accounts present a 'truc and fair view, and my report is limited to those spccifLC matters set out in the independent examiner's stalement. Independent examiDer's statemellt I have completed my examination. I confinn that iio material matters have come lo my attention in Connection with the exaTnination giving me reasonable cause to bclieve that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of tlLe 2011 Act. or 2. the accounts do not a¢cord wiib those records. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requiremcnt that the accounts give a 'true and fair vi¢w' which is not a mattcr considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the exainatIon to which attention should be drawn in this rcport in order to enable a proper understanding of the accounts to be reached. Signed- Jgkll GHefj Name: John Guest Name of applicable listed body= The Institute of Chartered Accountants IJJ EDgl2nd and Wales Relevant professional qualification or m¢mb¢rship of professiollal body: Chartered Accountant On behalf of RSM UK Tax and Accounting Limited Clrtered Accountants 14th Floor 20 Chapel Strcet Livc00l L3 9AG 20110123
THE CHARENTE GROUP BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted Funds 2022 Endowment Funds 2022 Yeydr to Year to 31 December 31 December 2022 2021 Note Income Investment income Other incomc 33,085 2,055 33,085 2,055 46,970 (2,121) Total income 35,140 35,140 44,849 Expellditure Cost ofroisingfunds tnvesttncnt mallagcmcnt Costs 8,673 8.045 l6,718 18,266 Expenditure on Charitable activities 101.215 101,215 98,881 Total expenditure 109,888 8,045 117,933 117,147 Net expenditure and net movements in funds before gains and {lo$ses) on investments (74,748) (8,045) (82,793} (72.298) Net (loss)/gain on inv¢5tmcnl asscts (152,522) (138,100) (290,622) 252,469 Net movement in funds (227.270) (146,145) (373,415) 180.171 RecollciliY4tion of funds Fund balanccs brought forward l January 1,596,805 988,996 2,585,801 2.405,630 Fund bAIAnces e#rried forward 31 December 1,369,535 842,851 2,212,386 2,585,801 I the reslllts shown relate wholly to continuing activities.
THE CHAREIYTE GROUP BENEVOLENT FUND STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 2022 2021 Note FKxed assets Investments 2,111.821 2.338,078 Current assets Debtors Cash at bank and in hand 2,287 109,480 2,125 255,402 111,767 257,527 Creditors: amounts falling due wiiliin one year (11,202) (9.804) Net eurrent assets 100,565 247,723 Total a55ets less current liabilitie5 and net assets 2,212,386 2,585,801 Fullds of the charity Unrestricted Endowment io io 1,369,535 842,851 1,596,805 988,996 Total charity funds 2,212.386 2,585,801 Ap ved alld orised for issue by the Trustees on 18 October 2023 and signed on Ilicir behalf by.. R A Pilki Trusl¢e The notes on pages 9 to 15 forni part of these accounts.
THE CHARENTE GROUP BENEVOLENT FUND NOTES TO THE ACCOUNTS YEAR EIWED 31 DECEMBER 2022 Accounting policies Basis of accounting The financial statements have been prepared in a¢cordance with applicable accounting standards ullder the histori¢al convention witb ass¢ls and liabilities initially re¢ogttised at historical cost except for certain investments which ale held at market valuation, as staled in the relevant lloles to these accounts. TILe fancial statements are prepared in stcrling> which is thc fun¢tion21 currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £. The Fitvdncial statements have been prepared in accordance with the recommendations of the Statement of Recommended Practice 'Accounting and Reporting by Charities,, preparing their accounts in a¢cordan¢¢ with the Fillancial Rcporting Standard applicabl¢ in the UK and Republic of IrelaDd (FRS102) (effcctivc l October 2019), (Charilies SORP (FRS102)) and thc Charities Act 2011. The principle accounling policies adopted in the preparation of the accountlllg policies are set out below. The Charity has taken advatttage of the provisions in thc SORP for Charitics applying FRS102 Update Bulletin I not to prepare a Sialement of Cash Flows. The financial statements have been prepared lo give a 'true and fair, view and havc departed from the Charitics (Accounts and Reports) Regulations 2008 only lo the extent required to provide a 'true and fair view,. Thc trust constitutes a public benefit entity as defined by FRS 102. The Charity is an unincorporated charity, constituted und¢r a trust deed datcd 2 July 1951 and is a rcgistered clmrity. number 207151. Going Concern The trustees havc a reasonable expectation that thc charity has adequate resources to continue in operational existence for the foreseeable future and thus the trustees have concluded that it is appropriate lo prepare the account5 on a going concern basis. The Trustees can if necessary reduce the amount of charitable expenditure if long terni reserves diminish. The trustees con5idcrcd thc implications of Covid 19 upon both their investment and the potcntial hardship It may cause to ils ¢uyrent and tUre beneficiaries. Jn respect OF th¢ investtnents thc trustees decided to kccp one years expenditure in cash so as lo lake pressurc off the perforniance of ils investments. In tenlls of beneflciaries the Chief Executiv¢ Officer has been in regular contact with them to check on their well-beiiig and has taken a proactive stance in looking for any potential benefLciaiies that may be suffering from the pandcmic or the wkder lock down process. IDcome recognition All income is recognised once the charity has entitlement to thc income, it is probable that the income will be received and the amount of income can be measured rcliable. Investment and interest inco¢ is accounted for in tbe accounlingy period in which it is receivablc. The Capital Fund represents the assets with which the Fund was endowed, and is included within Endowment Funds. Expenses recognition Liabilities are recognised as reSoUeS expended as s(x)n as there is a legal or constructive obligation committing the Charity to the expenditure. Expenditure is accounted for on an ac¢ruals basis. All expenses including support costs and governance costs arc allocated or apportioned to the applicable expenditure headings.
io THE CHARENTE GROUP BENEVOLENT FUND NOTES TO THE ACCOULYrs YEAR ENDED 31 DECEMBER 2022 (CONTIF4UED) Governance cosls Governance costs comprise all costs involving the public accountability of the Chartty and its ¢omplianc¢ with regulation and good practice. ReAlise(UUnrealised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carryÈng valuc or thcir purcbasc value if acquired subsequent lo thc first day of thc financial year. Unr¢alis¢d gains and1085es arc calculated as the difference bciween thc fair value At the year end and their caryillg value. Realised and unrealised investmenl gains and losses are combined in the Statement of Financi81 Athivities Irre¢overable VAT Irrecoverable VAT is charged against the category of resources expended for which it is incutred. Fixed asset investment5 Thc Benevolcnt Fund's investment5 are divided between Capital and Income Funds. The Capital Fund represents the assets with which the Fund was endowed, and is included within Endowment Fund5. The Income Fund represents the excess of income over expenditure since the Fund's incq)tion. Surpluses or dtficits arising on the disposal of investments are dealt with in the Fund to which the investment5 concerncd bclong. Fixed asset investments are stated at market value. Quoted investments are valued at mid market price on thc balaEkCC Sheet date. Quoted investments arc listed on a r¢cogFLiscd stock CKchangc. Funds structure The Charity has a single pernjanent endowment fund. Unrestrict¢d incom¢ funds comprise thos¢ fid5 which thc trustces are free to use for any purpose fiwtherance of the charitable activities. Toxation The charity is exempt from tax on incomc and gains falling within Part I l of the Corpordtion Taxes Act 2010 or s¢¢tion 256 of the I'axation of Clmritablc Gains Act 1992 to the cxtent that these are applied to ils charilable objects. Debtor5 Other debtors are rccognised al the settlcment amount duc. Prepaytnents are valued at the amount prepaid net of any discounts due. Cash and cash equivalents Casli and cash equivalenls include cash in hand, deposits held at call with banks, and other short-temi liquid investments with original maturities of tbree mOTLths or less.
li THE CHARENTE GROUP BENEVOLENT FUIYD NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2022 (CO]NTINUED) Financial instrnments The trust only has financial assets and finan¢ial liabilities of a kind that qualify as basic financial instruments. Basic financial instruinents are initially recogniscd at Éransaction value and subsequently measured at their settlement value. Critical A¢wunting E5timYdtes and Areas of Judgemellt There are no significant estirnalcs and judgcmcThts affecting the financial staiemenls. Investment income Unrestrlcted Endowment ri unds Fund5 Total 2021 2022 Listed investment income - dividends 33,085 33.085 46,970 In 2021, all £46,970 investment income was attributable to unrestrieted funds. Charitable expenditure Unrestricted Endoivment Funds Fullds Total 2022 Total 2021 Note Direct expenditure.. Payments to fonner employees Paymcnts lo widows of fortner eTnployees Nautilu5 Wclfare donation 23,554 23,554 20,371 10,737 3,300 10.737 3,300 9,519 9,090 37.591 37.591 38.980 Support costs Govemance costs 59,244 4,380 59,244 4,380 55,521 4,380 101,215 101,215 98,881 AII 2021 expenditure was from Unrestricted Funds.
12 THE CHARENTE GROUP BENEVOLENT FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2022 (CONTINUED) Investment Management Costs Unrestricted Elldowmellt Funds Funds TotAI funds 2022 Total funds 2021 Management Costs 2022 8,673 8,045 16.718 Management Costs 2021 9.864 8,402 18,266 Allocation of support & governance costs Charitable actItieS Total 2022 Total 2021 GoverDallce Salaries and pension Independent examillation Lcgal and professional f¢¢s Trustees liability insurance Postage, stationery, teleplione, travel, computer and rent Bank charges 45,729 45,729 4.380 35 3.044 44,095 4,380 35 2,426 4,380 35 3,044 10,340 96 10,340 96 8,874 91 59,244 4,380 63.624 59,901 Trustees have claimed £nil (2021=£nil) for attending meetings and received no other remuneration for their services. Stsff costs 2022 2021 Wages and Salaries Employer5 Social Security Costs Oth¢r Pension Costs Health Insurance 33,287 3,516 5,912 3.014 31,959 3,192 5,912 3,032 45.729 44,095 Key management personnel comprise the trustees and the chief executive. Key Manage¢1)t personal remuneration including employers National Insurance Contributions amount to £45,729 (2021.. £44,095). There was I member of staff employed during th¢ year (2021.1). No employees receivcd ctuployee bencfits of more than £60,000.
13 THE CHARENTE GROUP BENEVOLENT FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2022 (CONTINUED) Allocation of support & governance costs (continued) Independent Examiners remunerdtion 2022 2021 Independent Examiners services 4,380 4.380 4,380 4,380 Net (Ios5es)Igain$ on investment assets Unrc5tricted EDdowment Fund5 Funds Total fullds 2022 Total nds 2021 Net realise(Vunrealised (losses) 2022 (152,522) (138,100) {290,622) Net realise(Vunrealised gains 2021 123,519 128,950 252,469 Investments 2022 2021 Quoted investmellts Opcning markct value at l January Additions at cost Disposal proceeds Net realisedlunrealised {losses)Igains 2,338,078 2,200.742 957,480 948,266 (893,115) (1,063,399) (290,622) 252,469 Market value at 31 December 2.111,821 2,338,078 Historic cost 2,007,454 1,939,695 Quoted Investments at market value comprised.. 2022 2021 UK Fixed Interest Securities UK Equities Overseas Equities Overseas Fixed Interest Commodities Hedge Funds Property Other 75,174 682,751 801,485 132,220 81,726 156,497 15,917 166.051 126,809 739,244 954.161 90,613 58,726 60,302 112,444 195,779 2,111,821 2,338,078
14 THE CHARENTE GROUP BENEVOLENT FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2022 (CONTINUED) Irjvestments (continued) All itkveslmenls are primarily held to provide investment return. A]1 investmellls are Carried al their fair value. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). Unrestricted funds comprise those funds which tlLe tnLsÉecs arc f¢ to use in accordance with the charilable objects. The Trustees conduct a thorough risk analysis in ¢onjunction with their investtllenl managers Evelyn at each of their Trustees meetings. Credit, liquidity and market risks are discussed and the Trustees ensure that there is appropriate cash holding oEbetween 9 and 12 months cash hcld in major clearing banks in order to ensure that all payments in the short term can be made. Crcdit risks are analysed along with markct risks and thc fund invcsts a vcry high proportion of its assets in high liquidity FTSE 100 stocks or their international equivalents. Only a minimal proportion is invested funds that do not havc immcdiate distribution upon sale and the Trustees illtend to both analysis and pllrsue this low risk stratcgy. Debtors 2022 2021 Other debtors 2,287 2,125 2,287 2,125 Creditors: amounts falling due within one year 2022 2021 Other tax and social security Other creditors 1,434 9,768 1,056 8.748 11,202 9,804 io Anydlysis of charitablc funds Movetllent in resources: Balance Ydt l January 2022 Balance at 31 Deeembei 2022 Incoming Expenditure (Loss) Permanent cndowment Capital Fund 988,996 (8,045) (138,1(K)) 842.851 Unrestricted Fund 1,596,805 35.140 (109,888) (152,522) 1,369,535 2,585,801 35,140 (117.933) (290,622) 2,212,386
15 THE CHARENTE GROUP BENEVOLENT FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2022 (CONTINUED) Movemellt ij) resources: Balance it l January Balallce at 31 Decembei 2021 2021 Incoming Expenditure Gain Pertllanellt endowment Capital Fund 868,448 (8,402) 128,950 988,996 Unrestricted Fund 1,537,182 44,849 (108,745) 123,519 1.596,805 2,405,630 44,849 {117,147) 252,469 2,585.801 li An&lysls of net assets between funds Net Current As5et5 Total 2022 Total 2021 Investmellt5 Endowment Funds Unrestricted Funds 1.020,110 1,091,711 (177,259) 277,824 842,851 1,369,535 988,996 1,596,805 2.111,821 100,565 2.212,386 2,585,801 Net Current Assets Total 2021 Total 2020 Investments Endowmenl Fullds Unrestricted Funds 1.108,946 1.229,132 (119,950) 367,673 988,996 1,596,805 868,448 1.537,182 2,338,078 247,723 2,585,801 2,405,630 Purpose of funds The charity lias a single permanenl endowinent fund. Unr¢slrictcd funds comprise thosc fund5 which the tnjstees are free to use in aordance with the charitable objects. 12 Related Party Transactions The charity has had no related party trallS4i¢tions for the year ended 31 December 2022 {2021= £nil).